WESCO International Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, net sales were $1,808.1 million against $1,606.0 million in the same period a year ago. Acquisitions positively impacted sales by 16.0% and organic sales declined 3.4%. Adjusting for the impact of one less workday in the quarter, normalized organic sales declined approximately 1.8%. Sequentially, sales increased 10.0%, and organic sales decreased 2.1%. Income from operations was $136.9 million against $83.5 million in the same period a year ago. Excluding the favorable impact resulting from the recognition of insurance coverage on a litigation matter, operating profit was $100.8 million, or 5.6% of sales, up 20.7% and 40 basis points, respectively, from the prior year quarter. Income before income taxes was $115.0 million against $74.5 million in the same period a year ago. Net income attributable to the company was $84.1 million or $1.60 per diluted share against $52.9 million or $1.03 per diluted share in the same period a year ago. Net cash provided by operating activities was $80.4 million against $58.3 million in the same period a year ago. Capital expenditures were $6.0 million against $4.5 million in the same period a year ago. Adjusted EBITDA was $432,441,000 against $406,566,000 in the same period a year ago. Free cash flow was $474.4 million against $53.8 million in the same period a year ago. Adjusted income before income taxes was $78.9 million against $71.3 million in the same period a year ago. Adjusted net income attributable to the company was $58.6 million or $1.12 per diluted share against $50.9 million or $0.99 per diluted share in the same period a year ago. In the second quarter, the company expects consolidated year-over-year sales growth of approximately 13% to 16%, and excluding EECOL, sales will be down 1% to up 2%. Sequentially, organic sales tend to grow mid-single digits from the first quarter levels. The company expects gross margin to be at or above 20.9% and operating margin to be at least 6%. The second quarter's effective tax rate is expected to be in the range of 26% to 28%.

WESCO International Inc. (NYSE:WCC) is seeking acquisitions. John J. Engel, Chairman and Chief Executive Officer of WESCO, said, "Our acquisition pipeline continues to be actively managed, and we see excellent opportunities to further expand and strengthen our portfolio in 2013. We remain focused on investing in our people while driving execution of our eight growth engines and six operational excellence initiatives, and continue to expect stronger sales growth in the second half of this year."

WESCO International Inc., Q1 2013 Earnings Call, Apr 18, 2013